State-owned Bank of Baroda has reported a net loss of Rs 3,230 crore for the quarter ended March 31, 2016, compared with a net profit of Rs 598 crore in the comparable period.

The loss was mainly on account of one time provision of Rs 4,464 crore that has been taken in Q4 FY 2016. The additional provision has 2 components namely provision for credit loss by Rs 2,900 crore. This provision is over and above the credit loss provision required as per RBI norms. This has been taken to improve the provision coverage ratio, the bank said.

The second component is provision of Rs 1,564 crore for pension liability and which has risen on account of the shift in mortality table.

Net interest income for the bank grew 4.98% to Rs 3,330 crore compared with Rs 3,172 crore in the comparable period. Provisions and contingencies (excluding tax provisions) made by the Bank stood at Rs 6,858 crore in Q4 FY16.

Provisions against NPAs/bad debts written off stood at Rs 4,880 crore in Q4FY16.  Provision coverage ratio (PCR) of the bank improved to 60.09% as on March 31, 2016, from 52.7% as on December 31, 2015.

As far as asset quality is concerned, gross NPAs of the bank stood at Rs 40,521 crore as on March 31, 2016. The gross NPA ratio stood at 9.99%, while the net NPA ratio stood at 5.06%. Total restructured standard assets of the bank decreased from Rs 17,135 crore as on December 31, 2015 to Rs 13,735 as on March 31, 2016.